30 January 2009 00:15 [Source: ICIS news]
HOUSTON (ICIS news)--Eastman Chemical had a fourth-quarter net loss of $2m (€1.52m), compared with a profit of $98m in the same quarter of 2007, the performance polymers and specialty chemicals producer said on Thursday.
For full-year 2008, Tennessee-based Eastman reported a net profit of $346m, up 15% over $300m in all of 2007.
Eastman chief executive Brian Ferguson attributed the last-quarter loss to "an unprecedented decline in demand" brought about by the global recession but said the company was positioned to weather the downturn and rebound when demand recovered.
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